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Dec 31, 2023
AvalonBay Q4 2023 Earnings Report
AvalonBay's operating results for Q4 2023 were announced, featuring a 3.0% dividend increase and the initial 2024 financial outlook was provided.
Key Takeaways
AvalonBay Communities, Inc. reported its Q4 2023 results, with EPS at $1.70, FFO per share at $2.63, and Core FFO per share at $2.74. The company also announced a 3.0% increase in its quarterly dividend.
EPS for Q4 2023 was reported at $1.70, a slight decrease from $1.72 in Q4 2022.
FFO per share for Q4 2023 increased to $2.63, compared to $2.57 in the same period last year.
Core FFO per share for Q4 2023 rose to $2.74, up from $2.59 in Q4 2022.
The company completed the development of Avalon Princeton Circle, and started construction of Avalon Wayne and Avalon Parsippany.
AvalonBay
AvalonBay
AvalonBay Revenue by Segment
AvalonBay Revenue by Geographic Location
Revenue by Segment
Residential Revenue
CapyFin.comOther Stabilized Revenue
CapyFin.comDevelopment/Redevelopment Revenue
CapyFin.comCommercial Revenue
CapyFin.comRevenue by Geographic Location
New England Revenue
CapyFin.comMetro NY/NJ Revenue
CapyFin.comMid-Atlantic Revenue
CapyFin.comSoutheast FL Revenue
CapyFin.comDenver, CO Revenue
CapyFin.comPacific NW Revenue
CapyFin.comNo. California Revenue
CapyFin.comSo. California Revenue
CapyFin.comOther Expansion Regions Revenue
CapyFin.com Forward Guidance
AvalonBay provided its financial outlook for Q1 and the full year 2024, including projected EPS, FFO per share, and Core FFO per share.
Positive Outlook
- Projected EPS for full year 2024 is expected to be between $6.27 and $6.77.
- Projected FFO per share for full year 2024 is forecasted to be between $10.42 and $10.92.
- Projected Core FFO per share for full year 2024 is anticipated to be between $10.53 and $11.03.
- Same Store Residential revenue change is expected to be between 1.6% and 3.6%.
- Residential NOI change is expected to be between 0.0% and 2.5%.
Challenges Ahead
- Projected EPS for Q1 2024 is expected to be between $1.06 and $1.16.
- Projected FFO per share for Q1 2024 is forecasted to be between $2.54 and $2.64.
- Projected Core FFO per share for Q1 2024 is anticipated to be between $2.56 and $2.66.
- Residential Opex change is expected to be between 4.5% and 6.7%.
- Capital markets and transaction activity is expected to decrease EPS, FFO and Core FFO per share by $0.29 for FY 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income